Brixton Pound plans announced
It is hoped the scheme will provide a boost to local traders in the area
Plans to launch a new complementary currency that can only be used in shops around the Brixton area of London have been announced.
Transition Town Brixton is set to launch the voluntary local exchange scheme, named the Brixton Pound, in September this year.
Under the plans, those in the local community will be able to exchange their pounds sterling for the new currency and use it at small shops in the area which could be under threat from both the recession or larger companies.
It is hoped the scheme will be accepted by all of those living in Brixton and also strengthen the relationship between local consumers and the diverse independent traders based on the area's high street.
The use of the pound is also expected to benefit consumers, as research by Lambeth-based thinktank the New Economics Foundation (NEF) found that money spent at independent shops tends to circulate more in the local economy.
Tim Nichols, project manager for the Brixton Pound, said the NEF was one of several bodies he has worked with to create the scheme.
He added: "The Lambeth Credit Union has agreed to hold the sterling exchanged for the Brixton Pound and market the scheme to their members, all of whom are Lambeth-based.
"We are also in discussion with Lambeth Council who support the scheme."
Unsolicited interest in the initiative has already been shown by several businesses in the area and those hoping to back the scheme can sign up to Transition Town Brixton's 1,000 Club online.
SIDEWAYS News for fresh perspectives
Comments
Great idea! Hope this gets roled out to other parts of London.
Anyone know how successful this has been in Totnes & Lewes?